Naira Crude Policy Stands: Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the federal government’s commitment to proceeding with its plan to conduct crude oil and refined product transactions in naira.
The initiative, driven by the Technical Sub-Committee on Crude and Refined Product Sales in Naira, forms a central part of President Bola Tinubu’s broader economic agenda aimed at stabilizing the naira, boosting energy security, and encouraging local value addition within the petroleum industry. Edun, who chairs the committee, expressed satisfaction with the progress so far and commended the strong collaboration among relevant agencies during a recent meeting in Abuja.
Still on Naira Crude Policy Stands
According to a statement from the Ministry of Finance, the meeting assessed progress made since the previous session and focused on ongoing implementation efforts. Key stakeholders in the oil and gas sector were in attendance, including Federal Inland Revenue Service (FIRS) Chairman and Co-Chair of the Sub-Committee, Zacch Adedeji; Special Adviser to the President on Energy, Olu Verheijen; and senior officials from the Nigerian National Petroleum Company Limited (NNPCL).
Also present were representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Ports Authority (NPA), and domestic refining firms. Edun emphasized that the naira-for-crude policy aims to reduce Nigeria’s reliance on foreign exchange for energy transactions and attract greater investment in the country’s refining capacity.
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